Daily News: February 6, 2013

Salus Capital Closes Inaugural ABL Deal in Canada


Salus Capital Partners announced it has provided a C$6 million senior-secured credit facility to Northern Reflections. The company is one of Canada’s largest privately-held apparel retailers offering moderately-priced fashions for women. The financing will be used to provide working capital for general corporate purposes.

“As we evaluated our financing alternatives, Salus Capital Partners emerged as the decisive choice for our company,” said Bill Taggart, chairman of Northern Reflections. “They picked-up where traditional banks seemed to have left off, structuring a flexible asset-based facility that closed in record time. With Salus as our lending partner, Northern Reflections can increase our focus on developing our strong brand and penetrating key markets.”

“We are extremely pleased to close the Northern Reflections facility as our inaugural transaction for the Salus Capital platform in Canada,” said Mark V. Sturrock, managing director, Canadian head of originations and corporate strategy of Salus Capital. “Our platform is uniquely tailored to partner with companies like Northern Reflections in providing customized capital solutions where companies can obtain meaningful liquidity to move their businesses forward. We appreciate the vote of confidence made by the Northern Reflections management team and look forward to a mutually rewarding partnership.”